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Tag: DEX

Before you set off to transfer BitUnits to a DEX to cash out understand that optimum returns for most investments require they are held over the longer term. HODL your crypto tokens and this applies to BitUnits. You should be looking at keeping hold of the tokens for upwards of five years. Just looks at how far bitcoin has come in ten years, and this is what BitUnits Club developer Issa Clunie, had to say about cashing out to fiat.

“Cashing out of crypto to go to the dying banking fiat currency is like taking a PS4 and trading it for a PS1.“

Inevitably there will be the weak hands that sell too early and live to regret it, and this guide is aimed at them. Most of the BitUnits were airdropped into Trust wallets, but a Saturn wallet is required to trade on their DEX. In the last article in the series, we covered the different types of trades available on Saturn, and this is a follow-up piece.

An article on cross-browser and mobile support was published in September 2018 by the Saturn team. We will concentrate on the Firefox browser as the Saturn wallet works on mobile as well as desktop with this browser. In Saturn’s article, they provide a link to the Firefox extension for the wallet, but it is also available here.

Setting up the Saturn Wallet to Transfer BitUnits

If the Firefox extension doesn’t take you straight to the wallet set up screen look for a menu item in the browser settings marked as Saturn Wallet. It will generate a random 12-word seed, and you will also need to set a secure password. Be sure to keep the seed and password available in case you need to restore the wallet to a new phone etc.

Ensure you have ETC network selected from the dropdown list at the top left of the web browser. We are now ready to add the UNITS token to the Saturn wallet. It will look like this screenshot to the left, but the ETC and Saturn tokens will be at zero unless you have imported an existing Saturn wallet with tokens. Click ADD TOKEN button and paste in the BitUnits smart contract address, as shown on their website.

The smart contracts address: 0xd1c10d433c888e6d1841ff924d0ce45157f0d5cd is the Token Contract Address and when you enter this address into the Saturn wallet it should populate Token Symbol with the word UNITS and set Decimals of Precision to 6.

Make a note of the address for the ETC and BitUnits (just one address) in the Saturn wallet and send the tokens you have in the Trust wallet. You will need less than 0.001 ETC to set the gas to transfer BitUnits from wallet to wallet. If you don’t have any ETC you will need to buy some or ask a crypto friend if they will send some to your Trust wallet.

You are now ready to trade on the Saturn network DEX. If you trade UNITS for ETC you can keep the ETC in your Saturn wallet or send them to your Trust wallet. As Saturn is providing a true decentralized exchange, where you are in control of your private key, it is safe to keep your digital assets in the Saturn wallet indefinitely. This is not the case for most of the exchanges operating today like Binance. If a regular exchange gets hacked, and they do with alarming regularity, you stand to lose all your tokens.

With the first two options, you will be buying UNITS and selling with the last two options. Or specifically, with two of the four options, you hope you will be buying or selling BitUnits. When you create an open buy/sell order, you have to wait for a seller or buyer to accept your offer. For a token like bitcoin or ethereum if you set a realistic buying or selling price on a popular DEX your order will normally be snapped up within a few seconds. Conversely if to set a bitcoin buy order at $3,000 today when the market rate is currently around $6,388 you could be waiting a lifetime.

On some exchanges, you can leave your order open indefinitely and hope it gets filled at some time in the future. Occasionally you might get lucky on an exchange with “fat finger” syndrome where a trader miskeys a price and fills your order by mistake. Saturn eliminates many fat-finger incidents because you have a single click option to select an open sell or buy order. The crypto markets are generally more volatile than traditional stocks, and you could win big with a flash crash or pump of the price.

Saturn DEX Trading in Detail

The screenshot below is a desktop view of the DEX of open orders to sell and buy BitUnits. It shows you the prices you can accept right now and you can part-fill an order if you wish so if a seller has 20,000 UNITS for sale you could just buy 2,500, or whatever quantity you require up to and including 20,000.

Note the SELL ORDERS on the left are allocated green Buy buttons for you to buy BitUnits and the BUY ORDERS are on the left with red Sell buttons. On mobile you will need to familiarize yourself with the different trading areas of the screen as they are not currently laid out as clearly as shown above.

Scrolling down the page brings up the recent trades of BitUnits including the 2 UNITS I bought earlier today. The screenshot is fairly self-explanatory.

If you have already bought and sold UNITS on the Saturn DEX the first section to appear will look similar to the screenshot below, but we are assuming you haven’t traded on the DEX yet. Again fairly self-explanatory but post comments if you are unsure.

In addition to accepting open orders, you can open your own orders to find a seller or buyer for BitUnits. Just click the green Create Order button as shown above. The button really should be a neutral color because when you click it, you can set up buy or sell orders as shown below.

Simply select one of the two tabs and enter the required amount of UNITS and price in ETC, not dollars. In the Firefox browser for mobile or Chrome (and Firefox) for desktop, you will need to be logged into the Saturn wallet for some of the details above to be available. The Saturn DEX can be accessed directly with this link or indirectly with this link. If you select the indirect link just scroll down the page until you see the BitUnits link in the Assets section. When you confirm a trade in the DEX, you will also need to bring up your Saturn Wallet (in a separate tab if you are using a smartphone) to confirm gas settings etc. as shown below.

We would recommend that you keep the default gas settings for your trades but do remember this means you will require a small amount of ETC in your Saturn wallet. Best way to obtain ETC is to ask a crypto friend to send some to your wallet as the minimum trade for ETC is relatively high on main exchanges. It is perhaps only $5, but that would cover hundreds or thousands of trades on the DEX. One dollar, about 0.1 ETC is ample to start with. If you don’t have sufficient ETC to complete the transaction on the Ethereum Classic blockchain, you will not be able to SUBMIT the trade.

In our next article, we will run through transferring BitUnits from a Trust to a Saturn Wallet.

Earlier today the BitUnits cryptocurrency token began trading on the Saturn network decentralized exchange (DEX). Trading is performed directly between the DEX and the Saturn proprietary digital token controller (SPDTC or more commonly known as a digital wallet). I don’t like the term wallet because it gives the impression that it contains the tokens whereas it simply gives access to them on the respective blockchains.

Saturn DEX

The Saturn network is currently available for Ethereum Classic (ETC) tokens, and we are lead to believe it will include the Ethereum network within the next seven days. The DEX looks to be running well, and we were able to trade with Firefox on our Android phone, but it was a lot more straightforward on our laptop. Below is a screenshot of the SPDTC (wallet) and the DEX which we took on our smartphone.

What we were really impressed with was that the team behind the DEX were up and running almost 24 hours ahead of schedule. The crypto space is full of missed deadlines and meaningless whitepapers, so it came as a pleasant surprise to find a team ahead of the game. I also liked this promotional video that was produced in the run-up to the Saturn DEX release.

Firefox is available for iOS 10.3 so in theory, the Saturn DEX can be used on the newer iPhones, but it might be worth waiting until the site is a little more mobile friendly, especially if you already have access to a desktop system.

BitUnits Club

BitUnits is an ERC223 token with a fixed supply of 10,000,000 and a stock ticker of UNITS. The philosophy behind the BitUnits club can be found on their website and within their whitepaper, but in short, it is to educate individuals that are new to crypto. What better way to learn crypto than with FREE tokens and from a team dedicated to bringing blockchain to the masses?

5,000,000 BitUnits tokens have been airdropped to crypto enthusiasts over the last few weeks. The team used a variety of methods to distribute the tokens, and all of them had some element of learning about crypto from “hacking” wallets, crypto bingo through to educational surveys, etc. Lots more to come regarding the BitUnits club in the coming months but one of the crypto puzzles I was very successful with was the Trust wallet “hacks”. The Trust wallet was recently taken over by the “number one” centralized exchange Binance and the wallet is developing at a rapid pace. Binance is also working on their own DEX, but Saturn is the one we would recommend at the moment.

The screenshot to the left is the Trust wallet and to use the Saturn DEX the UNITS have first to be sent to the SPDTC. For individuals new to crypto the Trust wallet is much easier to use than the SPDTC, and this is why the BitUnits team airdropped the tokens into this wallet. Trust is a smartphone app, available for Android and iOS rather than the browser extension wallet as provided by the Saturn team.

Fingers crossed, Saturn will make their wallet easier to use on a smartphone as there are many people around the world that don’t have a PC and sharing one is not very practical based on the security required to trade tokens.

We will put together a more detailed breakdown of how to move BitUnits from one wallet to another in due course, but meanwhile, if you have any questions or comments, please post them below or in the BitUnits Telegram group.

Financial disclosure – as shown in the wallets above I hold BitUnits and other cryptocurrencies. If you found this article informative, you can donate BitUnits or ETC to the address shown below, thanks.

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